MARC has affirmed its rating on Celcom Networks Sdn Bhd’s (CNSB) (formerly known as Celcom Transmission (M) Sdn Bhd) RM5.0 billion Sukuk Murabahah Programme at AAAIS with a stable outlook. CNSB is the owner of Celcom Axiata Berhad Group’s (Celcom Group) network assets and serves primarily as a network service provider to parent company Celcom and fellow subsidiary Celcom Mobile Sdn Bhd...

MARC has affirmed its AAAIS(bg) and AAAIS(fg) ratings on Ranhill Power Sdn Bhd’s (RPSB) RM300 million bank guaranteed (Tranche 1) and RM500 million Danajamin Nasional Bhd (Danajamin) guaranteed (Tranche 2) Sukuk Musharakah facilities respectively. The outlook for both ratings is maintained at stable.The rating on Tranche 1 reflects the credit strength of an unconditional and irrevocable guar...

MARC has affirmed the ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM350 million guaranteed notes and RM360 million non-guaranteed notes issued under its RM710 million Islamic Medium Term Notes (IMTN) Programme at AAAIS(fg) and AAIS  respectively. The outlook for both ratings is stable. RPII is the special purpose project company that operates the 190-megawatt combined-cycle gas turbine...

MARC assigns a rating of AA-IS to Tanjung Bin O&M Berhad’s (formerly known as Sterling Asia Berhad) (Tanjung Bin O&M or the Issuer) RM470.0 million Islamic Securities (Sukuk Wakalah or Sukuk) with a stable outlook. The proceeds of the Sukuk issuance would be primarily utilised toward part-financing the acquisition costs of HICOM Power Sdn Bhd’s (HICOM Power) operations and main...

MARC has assigned rating of AAAIS to TNB Northern Energy Berhad's (TNB Northern Energy) issuance of Islamic securities (sukuk) of RM1.625 billion with a stable outlook. TNB Northern Energy is a wholly-owned funding vehicle of TNB Prai Sdn Bhd (TNB Prai) which in turn is wholly owned by national utility company Tenaga Nasional Berhad (TNB). TNB Northern Energy is using the sukuk proceeds to part-fi...

MARC has affirmed its ratings of AA+IS on both Westports Malaysia Sdn Bhd’s (Westports) sukuk issuances comprising Sukuk Musyarakah (Sukuk) Programme of up to RM2.0 billion and Sukuk Musyarakah Medium Term Notes (MTN) Programme of up to RM800 million. The outlook on both ratings is stable. The affirmed ratings take into account Westports’ competitive position as a leading port operator...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is a funding vehicle of Trans Thai-Malaysia (Thailand) Ltd (TTMT), a 50:50 joint-venture between Petroliam Nasional Berhad (PETRONAS) and Thailand's PTT Public Company Ltd (PTT). The sukuk was issued to fund the construction of two gas pipelines to transport natur...

MARC has downgraded its ratings on Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium Term Notes (Sukuk Ijarah MTN) and RM100 million Murabahah Commercial Papers/Murabahah Medium Term Notes (MCP/MMTN) programmes to A+IS and MARC-2ID /A+ID from AA-IS and MARC-1ID /AA-ID respectively, and revised the outlook of both ratings to stable from negative. The rating action aff...

MARC has affirmed its rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID with a stable outlook. The affirmed rating reflects the sustained improvement in KEV’s operating performance since MARC’s last rating action, as well as the very high probability of support from Tenaga Nasional Berhad (TNB). The...

MARC has downgraded its ratings on Senai-Desaru Expressway Berhad's (SDEB) RM1.89 billion nominal value Senior Sukuk Ijarah Medium Term Notes (Senior Sukuk) Programme and RM3.69 billion nominal value Junior Sukuk Ijarah Medium Term Notes (Junior Sukuk) Programme to BBB+IS and BBIS from A+IS and A-IS respectively. Concurrently, MARC has removed the ratings from MARCWatch Negative where it had been ...